Good morning traders! Today we will do a multi-timeframe analysis of EUR/NZD, as there may be a bullish opportunity in the short term, and we want to be prepared for it.
The technical vision shows us the following:
🔸The price broke a downtrend that was in place for more than a year.
🔸After that event, it failed to make an upward momentum; it remained within a large range.
🔸We are now seeing a retest of the upper zone of this price range, and we may see a breakout.
🔸If this break happens, the price has a clear path to the next resistance zone at 1.8000.
🔸What we expect to confirm in the bullish scenario is a break + retest + rejection.
The idea is the following (4H Chart):
The technical vision shows us the following:
🔸The price broke a downtrend that was in place for more than a year.
🔸After that event, it failed to make an upward momentum; it remained within a large range.
🔸We are now seeing a retest of the upper zone of this price range, and we may see a breakout.
🔸If this break happens, the price has a clear path to the next resistance zone at 1.8000.
🔸What we expect to confirm in the bullish scenario is a break + retest + rejection.
The idea is the following (4H Chart):